Posted on 07/18/2011 9:00:48 AM PDT by opentalk
Over the past several weeks, America has seen on grand display in Washington a singular mindset emanating from the White House: We must raise taxes so that we can keep on spending. This week, though, America was treated to something different—a glimpse inside President Barack Obama’s mind, a roadmap of his economic worldview. And what was revealed was a philosophy that is fundamentally at odds with America’s job creators.
That insight came during the President’s press conference on Monday in which he broached the subject of raising taxes as part of the debt limit deal:
And I do not want, and I will not accept, a deal in which I am asked to do nothing, in fact, I’m able to keep hundreds of thousands of dollars in additional income that I don’t need, while a parent out there who is struggling to figure out how to send their kid to college suddenly finds that they’ve got a couple thousand dollars less in grants or student loans.
If you read between the lines, which doesn’t take much decoding, President Obama effectively believes that any income you have which you don’t “need” belongs to the government, as writer John Steele Gordon explains in Commentary. And, Gordon writes, Obama’s statement “demonstrates an astonishing economic illiteracy”:
To be sure, someone earning a great deal of money has an income greater than what he spends. . . But, unlike Scrooge McDuck, the rich do not put the excess in a vast money bin and frolic about in it. They invest it. What a concept! Where does Obama think new capital comes from, the tooth fairy?How much income is too much?
(Excerpt) Read more at blog.heritage.org ...
I'd like to see a strike by all small businesses for ONE WEEK.....
The Democrats are doing everything that they can to hold back, control, hamper, regulate and steal from businesses and those who start, own and run them. Ergo they are doing everything they cab to destroy the economy.
Already done. If I don’t need it for daily operations that $$$ is OUT of the banking system completely.
OR ELSE WHAT? Seriously what are you going to do when the federal government comes out and nationalizes your IRA / 401Ks? Guess what. Sure as sunrise in 2013 is it COMING.
Prepare accordingly.
“Vote this piece of crap out!”
***
Yes, but replace him with someone who understands capitalism and what makes for a sound economy. That is, please don’t elect Romney or anyone like him.
Exactly.
When you are mentored by people who HATE the country, you can’t help but absorb the lessons.
And yet, his tax forms don't reflect that he used that money for any charitable purpose. We don't need the government to handle this, Zero, if you've got hundreds of thousands of extra money that you "don't need," there are plenty of charitable foundations to donate to. Write the checks. But let the rest of us decide what money we do or don't need, and keep your grubby hands out of our wallets.
I don’t see him passing out any of his millions, and you can bet Pelosi isn’t going to give up what she doesn’t need.
These people talk a good game, but look at the Millionair’s in the Congress.
They aint giving up squat———not out of their pockets.
I think that will be accompanied by widespread civil unrest. People will not take that lying down. Oh yeah and the stock market will crash hard as people scramble to cash out while they can.
They have also destroyed housing values and personal equity property wealth. Purposeful energy and inflation erodes other personal saving. Where are the safe havens?
Chaney gave away most of his money and kept his mouth shut and Obama keeps his and tells the world.
Growing up, my middle-class family, and many others knew there were limitations on what we could do financially. My parents didn't have a robust education, barely finishing high school. We knew deep inside however, that the system was there where if we worked hard enough, we could afford to better our lives. We knew we'd never be able to afford a country club lifestyle, a private college education, and fancy vacations. But we never expected other taxpayers to subsidize any of it, either. I believe that most people understand that, and accept it.
Obama however, is truly endorsing a collectivist' state where the government dictates the money any family needs, and confiscates the rest for the "common good" and to "even the playing field."
My thoughts exactly - More "Social Justice" dialectic.
Democrats have already floated a few trial balloons on this subject to plant the idea in peoples' minds.
Savers were once considered to be the backbone of the economic system, preparing for their own futures while providing capital for banks to loan to home buyers, investors and others. But the Government now discourages independance, encourages dependancy on government, and provides loans to those they want to help, regardless of ability or intent to repay.
So in Obamanomics, people who live within their income and accrue savings to provide for their own needs later in life are not considered to be smart and prudent money managers.
They will increasingly be portrayed as hoarders - evilly and greedily holding onto resources needed by others.
1) According to an article in the Hill, House Speaker Nancy Pelosi's net worth soared from $13.7 million in 2008 to $21.7 million in 2009.
2) In 2005, 7420 federal workers were making $150,000 or more per year. In 2010, a whopping 82,034 federal workers are making $150,000 or more per year. That is more than a tenfold increase in just five years.
3) More than half of the members of the U.S. Congress are millionaires. [The wealthiest member of Congress has a minimum net worth of $167.55 million.
NOTE: Of the top Five Wealthiest Members of Congress, four are Democrats; Warner-VA, Rockefeller-WV, Harman-CA, Kerry-MA. Isaa of CA is the only Republican in the top 5.
4) The total compensation that the U.S. government workforce is going to take in this year is approximately $447 billion.
5) Today, all members of Congress earn at least $175,000. This is far, far more than the average American makes.
6) 60% of the federal government workforce is represented by labor unions.
7) The median wealth of a U.S. Senator in 2009 was $2.38 million.
8) In 2005, the U.S. Department of Defense had just nine civilians earning $170,000 or more. When Barack Obama took office, the U.S. Department of Defense had 214 civilians earning $170,000 or more. In June 2010, the U.S. Department of Defense had 994 civilians earning $170,000 or more.
9) Insider trading is perfectly legal for members of the U.S. Congress -- and they refuse to pass a law that would change that.
10) According to a recent study conducted by the Heritage Foundation, federal workers earn 30% to 40% more money on average than their counterparts in the private sector.
11) When you factor in such things as retirement and health care benefits, the compensation gap between federal workers and private sector employees gets even larger. The recent Heritage Foundation study states, "Including non-cash benefits adds to this disparity. The average private-sector employer pays $9,882 per employee in annual benefits, while the federal government pays an average of $32,115 per employee."
12) The personal wealth of members of the U.S. Congress collectively increased by more than 16% from 2008 to 2009.
Actually, the first trial balloon was launched by the St. Louis Fed in a scholarly paper in 2004.
PM's, food, guns and treasure chests. No I am not kidding.
Wow wow wow, wait just a sec. How do you know the guy studied economics in college?
The money the guy says he doesn’t need, how much is the Obamas’ charity contribution? Has anyone checked?
IIRC, their ‘charity’ contributions all went to liberal/communist cause, not some ‘parent struggling ...’
Did he really study economics in college?
“Seriously what are you going to do when the federal government comes out and nationalizes your IRA / 401Ks? Guess what. Sure as sunrise in 2013 is it COMING.”
“Argentina Makes Grab for Pensions Amid Crisis”
“Buenos Aires economist Aldo Abram, among many other economists, wasn’t buying that argument. “They were in a tight situation and this was an accessible source of funds,” he said.”
http://online.wsj.com/article/SB122460155879054331.html
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